Deyaar in hot water

Deyaar in hot water

Former Deyaar employees have been accused of orchestrating a web of fraud and bribery by a team of prosecutors appointed by Sheikh Mohammed. This is getting serious.

June 22, 2009 9:46 by Dana El Baltaji

Government employees are prohibited by law from accepting commissions.

The transaction was facilitated by IJ, who convinced Deyaar the secondary price represented “an opportunity.” Initially, both SA and IJ denied being business associates.

However, “when confronted about their history,” explained Hussain, “IJ claimed that he was simply acting as the middleman for Deyaar.”

The emirate’s public prosecution charged 10 employees with offences, including bribery, forgery and confidentiality breaches.

“These cases are a sign of the Government’s clear interest in improving management of firms and its commitment to principles of proper accountability,” Sheikh Mohammed said in an online question-and-answer session in April. “No one in the Emirates is above the law and accountability.”

This has been a difficult week for Deyaar. Aside from the court case, Deyaar’s chairman Nasser Al Shaikh resigned on Sunday without explanation. He was appointed chairman in March 2008.

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Tags: Crime, Deyaar, Dubai, Dubai Islamic Bank, fraud, Real estate, Sheikh Mohammed, UAE